FSA exodus as resignations double

The Financial Services Authority (FSA) saw staff resignations rise by 128% in the second quarter as the government announced plans to break up the regulator.

A total of 121 staff quit from the start of April to the end of July, compared with just 53 who left in the same period last year, according to data from Reynolds Porter Chamberlain obtained following a freedom of information request by law firm.

This represented a 95% rise on the 53 resignations seen in the first quarter of this year.

The total number of staff to quit in the first half of the year was 183 – more than the total number of resignations seen in 2009.

A total of 3,600 people still work at the FSA and the regulator said that while 121 staff resigned in the second quarter 328 people accepted jobs during the same period. (article continues below)

Chancellor George Osborne announced plans to give many of the FSA’s powers to the Bank of England in his first Mansion House speech on June 16.

The rest will be given to a new Consumer Protection and Markets Agency.